Shrimp exports to Korea reviewed after over half year of VKFTA

by VTV419 July 2016 Last updated at 20:15 PM

photo: VOV
photo: VOV - Vietnam- Korea free trade agreement (VKFTA) took effect on December 20th last year, opening more opportunities for trade between the two countries.

Especially, Vietnam's shrimp exporting is among sectors to benefit the most. Since the moment Vietnam  Korea free trade agreement took effect, 10,000 tonnes of Vietnamese shimps have been exported to Korea with duty free. Meanwhile, Thailand, Indonesia and Malaysia can enjoy zero tariff for only 5,000 tonnes. This helps Vietnam's shrimp more easily compete in the market.

Truong Dinh Hoe, General Secretary of Vietnam Association of Seafood Exporters & Producers said: "50% of seafood exports to Korea are shrimp. Korea also imports other seafood products from Vietnam. This is a potential market with high consumption".

Duong Duc Trong, Acting CEO, Vietnam - Australia Group, Bac Lieu Branch said: "South Korea is a developed country, so the prices are high. Vietnamese shrimps can take this advantage. According to the agreement, Korea will increase the quota of shrimp imported from Vietnam to 15,000 tonnes. At the same time, the country will tighten quality control on Vietnamese shrimp".

Le Anh Xuan, Director, Truc Anh Ltd. Co., Bac Lieu Province said: "This is a great opportunity to expand the market for Vietnamese shrimp, but the quality must be higher. As such, Vietnam can compete in the market".

Duong Thanh Trung, Chairman of People's Committee, Bac Lieu Province said: "When tariffs are reduced to zero, Vietnam faces challenges of technical barriers. Therefore, quality is very important. This is the province's focus to improve the product's competitiveness. South Korea has become the fifth largest shrimp importer of Vietnam with turnovers of over 500 million USD each year. Korean consumers have preferred Vietnamese shrimp products more. Therefore, focusing on processed products will help Vietnamese enterprises compete in this market."


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